Paramount Skydance’s move escalates a monthslong bidding war over one of the most valuable IP libraries in entertainment history. On December 5, the entertainment world was rocked when Netflix and Warner Bros. announced a massive deal that set Netflix up to purchase the legendary Hollywood studio, creating one of the largest media entities of all time. Today, Paramount Skydance—which has been vying for Warner Bros. for months—appears to be saying, “Not so fast.”